Israel Electric to raise up to $1 bln in bonds from U.S. institutions

JERUSALEM, Feb 1 (Reuters) - Israel Electric Corp said on Thursday it plans to issue up to $1 billion in bonds to U.S. institutional investors that will be traded on the Tel Aviv Stock Exchange.

The state-owned utility said in a statement to the stock exchange that it is planning a road show in the coming week in the United States and Europe and that the offering will depend on market conditions. The offering would be part of the company’s global medium-term note program.

In December, the government, Israel Electric and its workers reached a preliminary agreement to open Israel’s power generation sector to more competition after years of dispute.

Israel Electric, for decades a monopoly in all aspects of power generation and distribution, said in the statement it would sell off power plants that together produce 4,500 megawatts of electricity. (Reporting by Ari Rabinovitch; Editing by Tova Cohen)